DPW Holdings Inc (NYSEAMERICAN: DPW) is screaming for the top in the market this morning, and for good reason. The company announced that it is beginning testing surrounding a proprietary electric vehicle charging system. Here’s what’s going on:
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DPW Stock Rockets On EV Charger Testing News
In the press release, DPW Holdings said that its subsidiary, Coolisys Technologies, has established a program targing both national and regional fast-food franchises to install its EV chargers, known as ACECool, as part of a revenue share program.
In the release, DPW said that the program will be funded from its recent capital raising activities. In the beginning, the company will launch the program in California, Nevada, and Canada to test the revenue share model and charging stations.
DPW went on to say that the new program allows franchise owners to install the ACECool EV chargers and share in net revenue from both advertising and charging network usage. Moreover, the program is expected to be a stepping stone, with the company building to other strategic industry-focused and geo-focused networks.
So far, Coolisys already has one national fast-food network franchisee that forms part of a network with more than 1,000 locations. Moreover, the company said that it expects to announce new network partners in the first quarter of 2021.
In a statement, Amos Kohn, President and CEO at the DPW subsidiary, Coolisys, had the following to offer:
The opportunities for Coolisys in the burgeoning EV marketplace are anticipated to drive our sales growth over the next 60 months and beyond. We look forward to the potential changes coming from increased demand for EVs and the recent trends related to government support of the electrification of transport. I believe we are well positioned to leverage these opportunities as a 50+ year old company experienced and capable of creating innovative and highly-efficient power systems and solutions.
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The Bottom Line
The news released by DPW this morning proved to be overwhelmingly positive. Ultimately, the electric vehicles space is expected to rocket. That’s why we’ve seen recent gains in Ideanomics (NASDAQ: IDEX) and AYRO Inc (NASDAQ: AYRO). The excitement surrounding the space has quite a bit to do with Joe Biden’s recent win of the United States Presidential Election.
Throughout the past several years, Biden has been outspoken about his views of the environmental impact of the burning of fossil fuels. As such, his presidency is likely to lead to tax benefits, grants, and increased demand for EV manufacturers, and therefore, charging stations that keep these vehicles on the road.
DPW and its subsidiary, Coolisys, are making the right moves at the right time. The company is setting the stage for a massive, national network of charging stations that will generate two different streams of revenue. Not only will these stations provide billboard-like advertising, the company will generate revenue from consumers who use its charging stations to charge their vehicles while they eat.
All in all, this is the right move at the right time, and I’m expecting for this program’s test to be a smash hit. All in all, DPW is a stock to watch closely.
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